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Property Rights and Economic Theory: A Survey of Recent Literature
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In this paper, the authors summarize the essential features of this line of research, examine some of its important areas of application, and discuss the promise the approach holds for improved understanding of economic problems.Abstract:
AS CRITICISM of the traditional theory of production and exchange has mounted in the postwar period, increasing attention has been given to new analytical approaches that seek either to supplant classical marginalism or to extend its scope. In the latter category is the important body of literature that has grown up around the notion of property rights structures. The contributions here are quite diverse in style and content but are characterized by a common emphasis on certain basic ideas concerning the interconnectedness of ownership rights, incentives, and economic behavior. The purpose of the present paper is to summarize the essential features of this line of research, examine some of its important areas of application, and discuss the promise the approach holds for improved understanding of economic problems.read more
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Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
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Economic Action and Social Structure: The Problem of Embeddedness
TL;DR: In this article, the extent to which economic action is embedded in structures of social relations, in modern industrial society, is examined, and it is argued that reformist economists who attempt to bring social structure back in do so in the "oversocialized" way criticized by Dennis Wrong.
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Comparative Economic Organization: The Analysis of Discrete Structural Alternatives
TL;DR: Williamson as discussed by the authors combines institutional economics with aspects of contract law and organization theory to identify and explicate the key differences that distinguish three generic forms of economic organization-market, hybrid, and hierarchy.
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Economic Action and Social Structure: the Problem of Embeddedness
TL;DR: In this paper, the authors deal with the problem of embeddedness of economic behavior in the social relations and analyze over and half-socialized concepts of human action in sociology and in economics.
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Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
TL;DR: In this paper, the authors integrate elements from the theory of agency, property rights and finance to develop a theory of the ownership structure of the firm and define the concept of agency costs, show its relationship to the separation and control issue, investigate the nature of the agency costs generated by the existence of debt and outside equity, demonstrate who bears costs and why and investigate the Pareto optimality of their existence.
References
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TL;DR: In this paper, it is argued that the suggested courses of action are inappropriate, in that they lead to results which are not necessarily, or even usually, desirable, and therefore, it is recommended to exclude the factory from residential districts (and presumably from other areas in which the emission of smoke would have harmful effects on others).
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TL;DR: Weidenbaum and Jensen as mentioned in this paper reviewed the impact of developments not fully anticipated by Berle and Means, such as the rise of the service sector, and the significant role played by institutional investors in the owner/manager equation.
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Economic Welfare and the Allocation of Resources for Invention
TL;DR: In this article, the determination of optimal resource allocation for invention will depend on the technological characteristics of the invention process and the nature of the market for knowledge, which is interpreted broadly as the production of knowledge.